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Chemicals Unit to Be Dissolved: American Cyanamid Co. said it will spin off Cytec Industries, its $1-billion chemicals company, to concentrate on its agricultural and medical businesses. It was the second major company this week to leave the depressed chemicals business; Texaco Inc. said Monday it would sell Texaco Chemical Co. for $1.06 billion. Wayne, N.J.-based American Cyanamid said it plans to distribute Cytec's shares as a dividend to Cyanamid stockholders. American Cyanamid closed unchanged at $53.625 a share on the New York Stock Exchange.